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Scalpers search to revenue from small market actions, profiting from a ticker tape that by no means stands nonetheless. For years, this fast-fingered day-trading crowd relied on Stage 2 bid/ask screens to find purchase and promote alerts, studying provide and demand imbalances away from the Nationwide Greatest Bid and Supply (NBBO)—the bid/ask worth that the common individual sees. They’d purchase when demand arranges on the bidding aspect or promote when provided on the ask aspect, reserving a revenue or loss minutes later as quickly as balanced situations returned to the unfold. Right now, nonetheless, that methodology works much less reliably in our digital markets for 3 causes. First, the order ebook emptied out completely after the 2010 flash crash as a result of deep standing orders that have been focused on destruction on that chaotic day, forcing fund managers to carry them off-market or execute them in secondary venues. Second, high-frequency buying and selling (HFT) now do